00:00All right, oil prices dropped about 5% on Tuesday to a two-week low on cautious hopes that the
00:05pause in fighting between the United States and Iran will lead to talks to end the war, even though previous
00:11halts have proved only temporary.
00:13Brent futures fell $4.27 or 4.8% to settle at $84.09 a barrel, while U.S. West
00:21Texas Intermediate WTI crude fell $3.35 or 4.1% to settle at $79.26.
00:31After dropping about 16% over three days, Brent closed at its lowest since July 13 and WTI at its
00:40lowest since July 16.
00:42Even though the two sides have stopped attacking each other, they are far from resolving their differences that led to
00:48the effective closure of the street of Hormuz, which prior to the war was used to transit about a fifth
00:54of global oil supplies.
00:55Iran has denied seeking to resume talk with the U.S., contradicting statement from U.S. President Donald Trump, who
01:02reported that they are good talks on the way.
01:05Trump has made such statement on numerous occasions, coupled with threats to renew strikes, but the Iranians have had firm.
01:13Oman presented Iran with a plan backed by Gulf state to manage the street of Hormuz, including collecting voluntary fees
01:20for using it, a Gulf source and Western diplomat to Reuters.
01:24It was meant to serve as a basis to end the destruction, to trade through the street caused by the
01:30war.
01:30Iran, however, rejected the Omani plan and proposed to Oman a temporary arrangement to reopen the Strait of Hormuz,
01:38under which one direction of traffic would pass through Iranian waters, and part of their opposite route will also be
01:45Iranian waters,
01:46Deputy Foreign Minister Kazim Gharibabadi, to State Television on Tuesday.
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